Automotive Updates - 7th September 2015

• Auto components maker Bagla Group has inked a strategic pact with Italy's Fontana Gruppo to scale up fasteners business in the country.Italy's Fontana Gruppo and Bagla Group have signed definitive agreements to enter into a strategic partnership for the fasteners business in India, Aurangabad - based Bagla Group said in a statement. "The partnership with Fontana Gruppo would enable the fasteners business of Bagla Group to acquire necessary technological expertise, size and scale, to become the largest fasteners manufacturer in India," the company's chairman Rishi Kumar Bagla said.(Etuato)

• In a first-of-its-kind partnership in the small size component manufacturing segment in India, Chennai-based Integral Component Manufacturer (ICMPL), which makes high precision machined components for engines and transmissions, has entered into a joint venture with Nishiura Seiko of Japan to form a new company, Indo Nippon Precision Component. Targeted at Japanese OEMs for both the domestic and export markets, the new company will start manufacturing transmission and engine parts from December this year. An investment of Rs 10 crore is planned for the first year and will be scaled up to Rs 25 crore in the next three years. The company says it has already secured orders from two commercial vehicle manufacturers for the domestic and export markets. - See more at: http://www.autocarpro.in/news-national/integral-component-manufacturers-inks-jv-nishiura-seiki-japan-9213#sthash.hennbmZu.dpuf

• Japanese automaker Honda has been a strong brand in the Indian market. As per sources, Honda has been working on developing a new product called as 2TQ, that is anticipated to be the new Brio or an entirely new product for the Indian market. It is likely that the company may localize the production of the anticipated vehicle and offer it a lucrative price tag. The current generation Honda Brio is available in 1.2-litre i-VTEC petrol engine whereas the diesel trim is powered by 1.1-litre three-cylinder engine.(cartrade)

• Mahindra Two Wheelers Limited (MTWL), the two-wheeler business arm of Mahindra & Mahindra (M&M) is studying the prospects of new markets for its French ally – Peugeot Motocycles (PMTC), in which it bought a stake of 51 percent in October 2014. The Indian automaker’s intent is to grow the sales volumes and thereby PMTC’s profitability by making inroads for its two-wheelers in new markets such as the North African nations, Vietnam, China and other similar regions. Interestingly M&M sees the Indian market too as a good opportunity not for PMTC’s entire two- wheeler portfolio but for a few undisclosed two-wheeler models. However, the company, for now, is actively focusing on Vietnam. - See more at: http://www.autocarpro.in/news-national/-eyes-markets-boost-peugeot-global-wheeler-business-9215#sthash.nsc5UEpD.dpuf

• With its existing production facilities at Manesar and Gurgaon heading towards attaining optimum capacity utilization in mid-2016, Maruti Suzuki is reported to advance the commissioning of its upcoming Gujarat plant by 3-6 months.The plant is already under construction with an initial deadline of May 2017. This may have been revised to January 2017 now. Talking at the Annual General Meeting recently, R.C. Bhargava, Chairman, Maruti Suzuki India Ltd., stated that the construction work is on full swing and the company will need the additional capacity in 2017.(rushlane)

• JMT Auto Ltd, an Amtek group company, has been downgraded by rating agency Crisil on concerns of deteriorating financials and limited ability of the parent firm to support the company.The rating of JMT has been downgraded two notches to BBB- from BBB+ earlier. The rating has also been placed on ‘rating watch with negative implications,’ the rating agency said in a statement on Monday.The rating action is based only on publicly available information as JMT has not cooperated with Crisil in its surveillance process, it said.(livemint)

• Vespa, one of the most famous scooters in the world, expanded its product offering in India and premiered its most powerful 150cc range of scooters during an event in the city.Global brand ambassador Alessandro Del Piero unveiled the brand's latest range at the event, which sports a new look and is loaded with features such as digital instrument console, 11 inch front alloy wheel, broader tubeless tyres, front disc brake, single piece monocoque steel body and much more.(Etauto)